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2021-06-23

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Fed will not raise rates on inflation fears alone, Powell says<blockquote>鲍威尔表示，美联储不会仅仅因为通胀担忧而加息</blockquote>

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We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.<blockquote>“鲍威尔在美国众议院一个小组的听证会上说：”我们不会先发制人地加息，因为我们担心可能出现通货膨胀。我们将等待实际通货膨胀或其他失衡的证据。</blockquote> Recent price increases have pushed the consumer price index to a 13-year high, prompting Republicans on the committee to offer charts detailing spikes in consumer items like bacon and used cars to suggest price increases are getting out of hand.<blockquote>最近的价格上涨已将消费者价格指数推至 13 年来的最高水平，促使该委员会的共和党人提供了详细说明培根和二手车等消费品价格飙升的图表，以表明价格上涨正在失控。</blockquote> “We have unstable employment and higher inflation,” said Representative Jim Jordan, an Ohio Republican, referring to the Fed’s congressionally mandated goals of ensuring maximum employment and stable prices. “Something has to give.”<blockquote>“俄亥俄州共和党众议员吉姆-乔丹（Jim Jordan）说：”我们的就业不稳定，通货膨胀率更高，他指的是国会规定的美联储确保最大限度就业和稳定物价的目标。“总得有所付出。”</blockquote> The recent high inflation readings, however, “don’t speak to a broadly tight economy” that would require higher interest rates, Powell said, referring to a “perfect storm” of rising demand for goods and services and bottlenecks in supplying them as the economy reopens from the pandemic.<blockquote>然而，鲍威尔说，最近的高通胀数据 “并不意味着经济普遍紧缩”，这将需要提高利率，他指的是随着经济从大流行病中重新开放，对商品和服务的需求不断上升以及供应瓶颈的 “完美风暴”。</blockquote> Those price pressures should ease on their own, Powell said.<blockquote>鲍威尔表示，这些价格压力应该会自行缓解。</blockquote> In setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics, including how different racial and other groups are faring.<blockquote>在制定即将到来的货币政策时，美联储主席承诺，央行将继续关注广泛的劳动力市场统计数据，包括不同种族和其他群体的状况。</blockquote> “We will not just look at the headline numbers for unemployment,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis. “We will look at all kinds of measures ... That is the most important thing we can do” to ensure the benefits of the recovery are more fully shared.<blockquote>“鲍威尔对众议院冠状病毒危机特设小组委员会成员说：”我们不会只关注失业率的头条数字。“我们将考虑各种措施......这是我们能做的最重要的事情”，以确保更充分地分享复苏带来的好处。</blockquote> Markets were little changed over the course of the hearing.<blockquote>听证会期间，市场几乎没有变化。</blockquote> Powell’s comments were “not really much that we haven’t heard before,” said Michael Brown, a senior analyst at payments firm Caxton, London.<blockquote>伦敦卡克斯顿支付公司的高级分析师迈克尔-布朗（Michael Brown）说，鲍威尔的言论 “我们以前从未听说过”。</blockquote> A SENSITIVE PIVOT<blockquote>敏感枢轴</blockquote> But the session, at times a sparring match between Democrats and Republicans over the Biden administration’s economic plans, hinted at the delicate line the Fed must walk in coming months as it balances inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.<blockquote>但这次会议有时是民主党人和共和党人就拜登政府的经济计划进行的一场较量，它暗示了美联储在未来几个月必须走的一条微妙路线，因为它要平衡通胀风险和确保经济恢复冠状病毒大流行爆发后失去的所有工作岗位的承诺。</blockquote> Until recently there was little perceived conflict between those goals.<blockquote>直到最近，这些目标之间几乎没有冲突。</blockquote> Yet since Powell last appeared before the subcommittee in September, the central bank’s outlook for inflation has doubled. Projections released by the Fed last week showed prices in 2021 are expected to increase at a 3.4% rate, compared with the 1.7% projected as of last September.<blockquote>然而，自鲍威尔上次在 9 月份出席小组委员会会议以来，央行对通胀的展望已经翻了一番。美联储上周发布的预测显示，2021 年物价预计将上涨 3.4%，而去年 9 月的预测为 1.7%。</blockquote> Recent job growth, meanwhile, has been slower than hoped. Some of Powell’s colleagues are now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the United States can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.<blockquote>与此同时，最近的就业增长比预期的要慢。鲍威尔的一些同事现在公开表示，大流行病促使这么多人退休，认为美国能在美联储需要收紧货币政策之前恢复到危机前的就业水平可能是不现实的。</blockquote> That is a stance counter to Powell’s own focus on restoring the economy to the conditions of early 2020, and to that of the subcommittee’s influential Democratic chairman, Representative James Clyburn of South Carolina, who pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.<blockquote>这与鲍威尔本人的立场背道而驰，也与小组委员会颇具影响力的民主党主席、南卡罗来纳州众议员詹姆斯-克莱伯恩（James Clyburn）的立场背道而驰。</blockquote> “Millions of Americans are depending on the Fed to continue to support the economy’s recovery,” said Clyburn, who has close ties to President Joe Biden.<blockquote>“与乔-拜登总统关系密切的克莱本说：”数百万美国人依赖美联储继续支持经济复苏。</blockquote> Biden must decide in coming weeks whether to reappoint Powell to a second four-year term. In the closing minutes of the hearing the Fed chair received a glowing review from another ranking Democrat, House Financial Services committee chair Maxine Waters of California.<blockquote>拜登必须在未来几周内决定是否再次任命鲍威尔连任四年。在听证会的最后几分钟，美联储主席收到了另一位资深民主党人、加利福尼亚州众议院金融服务委员会主席玛克辛·沃特斯的热情洋溢的评价。</blockquote> Waters noted that Powell was ready to “think big” about policy as the pandemic took hold and said she wanted to thank him “not only for his leadership ... but his creativity.”<blockquote>沃特斯指出，随着大流行病的蔓延，鲍威尔已准备好 “大胆思考 ”政策，并表示她要感谢他 “不仅是他的领导能力......还有他的创造力”。</blockquote> Still, a rapidly improving economic landscape is beginning to reshape views at the Fed about when to reduce some of those pandemic efforts as the crisis recedes.<blockquote>尽管如此，随着危机的消退，快速改善的经济形势开始重塑美联储关于何时减少一些疫情努力的看法。</blockquote> At their meeting last week Fed officials projected they may raise interest rates as soon as 2023, perhaps a year earlier than anticipated, and Powell said during a news conference that the central bank was beginning talks about when to pare down its $120 billion in monthly purchases of government bonds and securities used to support the recovery.<blockquote>在上周的会议上，美联储官员预计他们最早可能在 2023 年加息，可能比预期提前一年，鲍威尔在新闻发布会上表示，美联储正在开始讨论何时削减每月 1200 亿美元购买的政府债券和用于支持经济复苏的证券。</blockquote> Powell told reporters the economy “is still a ways off” from the progress in rehiring that the Fed has said it wants to see before making any changes, a cue that the timing of an actual policy shift remains up in the air.<blockquote>鲍威尔告诉记者，美联储曾表示希望在做出任何改变之前看到的重新招聘进展 “还有一段路要走”，这表明实际政策转变的时机仍悬而未决。</blockquote> But the change in tone and projections surprised markets, which are now keenly watching to see if the Fed is hedging its job market promises.<blockquote>但语气和预测的变化让市场感到惊讶，市场现在正在密切关注美联储是否在对冲其就业市场承诺。</blockquote> Market trading in inflation-protected and other securities shows investors betting the Fed will raise rates even faster than policymakers project, a potential loss of faith in the central bank’s willingness to run a “hot” high-inflation economy to encourage a robust jobs recovery.<blockquote>通胀保值证券和其他证券的市场交易显示，投资者押注美联储将比政策制定者预期的更快地加息，这可能会对美联储运行 “火热 ”高通胀经济以鼓励就业强劲复苏的意愿失去信心。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.<blockquote>“鲍威尔在美国众议院一个小组的听证会上说：”我们不会先发制人地加息，因为我们担心可能出现通货膨胀。我们将等待实际通货膨胀或其他失衡的证据。</blockquote> Recent price increases have pushed the consumer price index to a 13-year high, prompting Republicans on the committee to offer charts detailing spikes in consumer items like bacon and used cars to suggest price increases are getting out of hand.<blockquote>最近的价格上涨已将消费者价格指数推至 13 年来的最高水平，促使该委员会的共和党人提供了详细说明培根和二手车等消费品价格飙升的图表，以表明价格上涨正在失控。</blockquote> “We have unstable employment and higher inflation,” said Representative Jim Jordan, an Ohio Republican, referring to the Fed’s congressionally mandated goals of ensuring maximum employment and stable prices. “Something has to give.”<blockquote>“俄亥俄州共和党众议员吉姆-乔丹（Jim Jordan）说：”我们的就业不稳定，通货膨胀率更高，他指的是国会规定的美联储确保最大限度就业和稳定物价的目标。“总得有所付出。”</blockquote> The recent high inflation readings, however, “don’t speak to a broadly tight economy” that would require higher interest rates, Powell said, referring to a “perfect storm” of rising demand for goods and services and bottlenecks in supplying them as the economy reopens from the pandemic.<blockquote>然而，鲍威尔说，最近的高通胀数据 “并不意味着经济普遍紧缩”，这将需要提高利率，他指的是随着经济从大流行病中重新开放，对商品和服务的需求不断上升以及供应瓶颈的 “完美风暴”。</blockquote> Those price pressures should ease on their own, Powell said.<blockquote>鲍威尔表示，这些价格压力应该会自行缓解。</blockquote> In setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics, including how different racial and other groups are faring.<blockquote>在制定即将到来的货币政策时，美联储主席承诺，央行将继续关注广泛的劳动力市场统计数据，包括不同种族和其他群体的状况。</blockquote> “We will not just look at the headline numbers for unemployment,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis. “We will look at all kinds of measures ... That is the most important thing we can do” to ensure the benefits of the recovery are more fully shared.<blockquote>“鲍威尔对众议院冠状病毒危机特设小组委员会成员说：”我们不会只关注失业率的头条数字。“我们将考虑各种措施......这是我们能做的最重要的事情”，以确保更充分地分享复苏带来的好处。</blockquote> Markets were little changed over the course of the hearing.<blockquote>听证会期间，市场几乎没有变化。</blockquote> Powell’s comments were “not really much that we haven’t heard before,” said Michael Brown, a senior analyst at payments firm Caxton, London.<blockquote>伦敦卡克斯顿支付公司的高级分析师迈克尔-布朗（Michael Brown）说，鲍威尔的言论 “我们以前从未听说过”。</blockquote> A SENSITIVE PIVOT<blockquote>敏感枢轴</blockquote> But the session, at times a sparring match between Democrats and Republicans over the Biden administration’s economic plans, hinted at the delicate line the Fed must walk in coming months as it balances inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.<blockquote>但这次会议有时是民主党人和共和党人就拜登政府的经济计划进行的一场较量，它暗示了美联储在未来几个月必须走的一条微妙路线，因为它要平衡通胀风险和确保经济恢复冠状病毒大流行爆发后失去的所有工作岗位的承诺。</blockquote> Until recently there was little perceived conflict between those goals.<blockquote>直到最近，这些目标之间几乎没有冲突。</blockquote> Yet since Powell last appeared before the subcommittee in September, the central bank’s outlook for inflation has doubled. Projections released by the Fed last week showed prices in 2021 are expected to increase at a 3.4% rate, compared with the 1.7% projected as of last September.<blockquote>然而，自鲍威尔上次在 9 月份出席小组委员会会议以来，央行对通胀的展望已经翻了一番。美联储上周发布的预测显示，2021 年物价预计将上涨 3.4%，而去年 9 月的预测为 1.7%。</blockquote> Recent job growth, meanwhile, has been slower than hoped. Some of Powell’s colleagues are now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the United States can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.<blockquote>与此同时，最近的就业增长比预期的要慢。鲍威尔的一些同事现在公开表示，大流行病促使这么多人退休，认为美国能在美联储需要收紧货币政策之前恢复到危机前的就业水平可能是不现实的。</blockquote> That is a stance counter to Powell’s own focus on restoring the economy to the conditions of early 2020, and to that of the subcommittee’s influential Democratic chairman, Representative James Clyburn of South Carolina, who pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.<blockquote>这与鲍威尔本人的立场背道而驰，也与小组委员会颇具影响力的民主党主席、南卡罗来纳州众议员詹姆斯-克莱伯恩（James Clyburn）的立场背道而驰。</blockquote> “Millions of Americans are depending on the Fed to continue to support the economy’s recovery,” said Clyburn, who has close ties to President Joe Biden.<blockquote>“与乔-拜登总统关系密切的克莱本说：”数百万美国人依赖美联储继续支持经济复苏。</blockquote> Biden must decide in coming weeks whether to reappoint Powell to a second four-year term. In the closing minutes of the hearing the Fed chair received a glowing review from another ranking Democrat, House Financial Services committee chair Maxine Waters of California.<blockquote>拜登必须在未来几周内决定是否再次任命鲍威尔连任四年。在听证会的最后几分钟，美联储主席收到了另一位资深民主党人、加利福尼亚州众议院金融服务委员会主席玛克辛·沃特斯的热情洋溢的评价。</blockquote> Waters noted that Powell was ready to “think big” about policy as the pandemic took hold and said she wanted to thank him “not only for his leadership ... but his creativity.”<blockquote>沃特斯指出，随着大流行病的蔓延，鲍威尔已准备好 “大胆思考 ”政策，并表示她要感谢他 “不仅是他的领导能力......还有他的创造力”。</blockquote> Still, a rapidly improving economic landscape is beginning to reshape views at the Fed about when to reduce some of those pandemic efforts as the crisis recedes.<blockquote>尽管如此，随着危机的消退，快速改善的经济形势开始重塑美联储关于何时减少一些疫情努力的看法。</blockquote> At their meeting last week Fed officials projected they may raise interest rates as soon as 2023, perhaps a year earlier than anticipated, and Powell said during a news conference that the central bank was beginning talks about when to pare down its $120 billion in monthly purchases of government bonds and securities used to support the recovery.<blockquote>在上周的会议上，美联储官员预计他们最早可能在 2023 年加息，可能比预期提前一年，鲍威尔在新闻发布会上表示，美联储正在开始讨论何时削减每月 1200 亿美元购买的政府债券和用于支持经济复苏的证券。</blockquote> Powell told reporters the economy “is still a ways off” from the progress in rehiring that the Fed has said it wants to see before making any changes, a cue that the timing of an actual policy shift remains up in the air.<blockquote>鲍威尔告诉记者，美联储曾表示希望在做出任何改变之前看到的重新招聘进展 “还有一段路要走”，这表明实际政策转变的时机仍悬而未决。</blockquote> But the change in tone and projections surprised markets, which are now keenly watching to see if the Fed is hedging its job market promises.<blockquote>但语气和预测的变化让市场感到惊讶，市场现在正在密切关注美联储是否在对冲其就业市场承诺。</blockquote> Market trading in inflation-protected and other securities shows investors betting the Fed will raise rates even faster than policymakers project, a potential loss of faith in the central bank’s willingness to run a “hot” high-inflation economy to encourage a robust jobs recovery.<blockquote>通胀保值证券和其他证券的市场交易显示，投资者押注美联储将比政策制定者预期的更快地加息，这可能会对美联储运行 “火热 ”高通胀经济以鼓励就业强劲复苏的意愿失去信心。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.reuters.com/article/us-usa-fed/fed-will-not-raise-rates-on-inflation-fears-alone-powell-says-idUSKCN2DY0YB\">Reuters</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/article/us-usa-fed/fed-will-not-raise-rates-on-inflation-fears-alone-powell-says-idUSKCN2DY0YB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153148497","content_text":"WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.\n“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.\nRecent price increases have pushed the consumer price index to a 13-year high, prompting Republicans on the committee to offer charts detailing spikes in consumer items like bacon and used cars to suggest price increases are getting out of hand.\n“We have unstable employment and higher inflation,” said Representative Jim Jordan, an Ohio Republican, referring to the Fed’s congressionally mandated goals of ensuring maximum employment and stable prices. “Something has to give.”\nThe recent high inflation readings, however, “don’t speak to a broadly tight economy” that would require higher interest rates, Powell said, referring to a “perfect storm” of rising demand for goods and services and bottlenecks in supplying them as the economy reopens from the pandemic.\nThose price pressures should ease on their own, Powell said.\nIn setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics, including how different racial and other groups are faring.\n“We will not just look at the headline numbers for unemployment,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis. “We will look at all kinds of measures ... That is the most important thing we can do” to ensure the benefits of the recovery are more fully shared.\nMarkets were little changed over the course of the hearing.\nPowell’s comments were “not really much that we haven’t heard before,” said Michael Brown, a senior analyst at payments firm Caxton, London.\nA SENSITIVE PIVOT\nBut the session, at times a sparring match between Democrats and Republicans over the Biden administration’s economic plans, hinted at the delicate line the Fed must walk in coming months as it balances inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.\nUntil recently there was little perceived conflict between those goals.\nYet since Powell last appeared before the subcommittee in September, the central bank’s outlook for inflation has doubled. Projections released by the Fed last week showed prices in 2021 are expected to increase at a 3.4% rate, compared with the 1.7% projected as of last September.\nRecent job growth, meanwhile, has been slower than hoped. Some of Powell’s colleagues are now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the United States can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.\nThat is a stance counter to Powell’s own focus on restoring the economy to the conditions of early 2020, and to that of the subcommittee’s influential Democratic chairman, Representative James Clyburn of South Carolina, who pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.\n“Millions of Americans are depending on the Fed to continue to support the economy’s recovery,” said Clyburn, who has close ties to President Joe Biden.\nBiden must decide in coming weeks whether to reappoint Powell to a second four-year term. In the closing minutes of the hearing the Fed chair received a glowing review from another ranking Democrat, House Financial Services committee chair Maxine Waters of California.\nWaters noted that Powell was ready to “think big” about policy as the pandemic took hold and said she wanted to thank him “not only for his leadership ... but his creativity.”\nStill, a rapidly improving economic landscape is beginning to reshape views at the Fed about when to reduce some of those pandemic efforts as the crisis recedes.\nAt their meeting last week Fed officials projected they may raise interest rates as soon as 2023, perhaps a year earlier than anticipated, and Powell said during a news conference that the central bank was beginning talks about when to pare down its $120 billion in monthly purchases of government bonds and securities used to support the recovery.\nPowell told reporters the economy “is still a ways off” from the progress in rehiring that the Fed has said it wants to see before making any changes, a cue that the timing of an actual policy shift remains up in the air.\nBut the change in tone and projections surprised markets, which are now keenly watching to see if the Fed is hedging its job market promises.\nMarket trading in inflation-protected and other securities shows investors betting the Fed will raise rates even faster than policymakers project, a potential loss of faith in the central bank’s willingness to run a “hot” high-inflation economy to encourage a robust jobs recovery.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":779,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["TWX","TIME"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/123062062"}